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New Report from Boston Consulting Group Finds ESG-Related Products in Core Business Lines Could Generate Substantial Revenue for Retail Banks
BOSTON, Sept. 27, 2022 /PRNewswire/ — Interest in sustainability has been rising for several years, and concerns over climate change have become decision drivers for customers, investors, and policymakers. Retail banks are responding by building sustainability into their digital transformation programs. Three-quarters of retail banks plan to increase spending on environmental, social, and governance (ESG) initiatives, almost 20% of them significantly, according to a new report by Boston Consulting Group (BCG) being published today.
The report, titled Global Retail Banking 2022: Sense and Sustainability, reveals that one-quarter of retail banks report that ESG is a primary focus area for their digital transformation, and another 38% say that ESG is a key criterion in selecting and prioritizing digital transformation initiatives. Nearly half of retail banks are primarily focused on environmental Sustainability issues, such as reducing energy consumption in offices, and 60% are prioritizing governance issues, including managing critical risk incidents, building cyber-resilience, and developing predictive risk analytics to ensure prepared improvedness and mitigation.
“Sustainability has moved up the priority list for all stakeholders, making it the next frontier of competitive advantage for retail banks and a pillar for future growth,” said Thorsten Brackerta BCG partner and director…
Full story available on Benzinga.com
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